Anthropic, the company behind the Claude family of AI models, confidentially filed its S-1 paperwork with the US SEC on June 1, 2026. The expected valuation? Up to $2 trillion, which would make it one of the largest public offerings in market history.
To put that number in perspective, it would surpass SpaceX’s recently established valuation of roughly $1.8 trillion.
The numbers behind the filing
Anthropic’s public prospectus is expected to land in late September 2026, with IPO marketing efforts kicking off by mid-October. The company has assembled a murderers’ row of Wall Street banks to shepherd the deal: Morgan Stanley, Goldman Sachs, JPMorgan, and Citi are all involved.
Anthropic completed a $65 billion Series H funding round in May 2026, bringing its post-money valuation to roughly $965 billion. The company’s revenue run rate sat at approximately $47 billion as of May 2026, with Q2 projections exceeding $10.9 billion. Investor forecasts peg annual revenue at $100 billion to $120 billion for the full year 2026, scaling to $190 billion to $200 billion by 2028.
Alongside the IPO preparations, Anthropic is also securing a $15 billion revolving credit facility through the same consortium of major banks.
Structural choices and founder control
The offering may include insider share sales and extended lockup periods. More notable is the potential use of supervoting shares, a mechanism that would concentrate decision-making power with leadership even after going public.
CEO Dario Amodei reportedly holds about 2% of the company.
Ripple effects across the AI sector
OpenAI, Anthropic’s most direct rival, has reportedly considered delaying its own IPO until 2027. The original source material notes that Anthropic’s filing is “prompting other companies to complete their deals first,” suggesting a land-grab mentality among smaller players who want to lock in their valuations before Anthropic absorbs a massive share of investor attention and capital.